Master Analyst: Check Out These 3 Altcoins! They May Surprise You

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READING NOW Mas­ter Ana­lyst: Check Out These 3 Alt­coins! They May Sur­prise You

Prices remain soft in the mar­ket as traders await Fed Chair­man Jerome Powell’s state­ment on the size of the next rate hike. Cur­rent­ly, the mar­ket con­sen­sus is for a 0.75 basis point rate hike. Mean­while, an ana­lyst point­ed out some alt­coin projects that can be fol­lowed. Here are the details…

There are devel­op­ments occur­ring in the alt­coin ecosystem

The Dow lost 0.75 per­cent, the S&P 500 and the Nas­daq lost 0.79 per­cent and 0.64 per­cent, respec­tive­ly. Bit­coin (BTC) con­tin­ues to strug­gle with the $ 19,000 lev­el, as we have also report­ed as On the oth­er hand, Ethereum (ETH) con­tin­ues to see post-merge lows, see­ing intra­day lows of $1,329. While BTC, ETH, and alt­coins aren’t mak­ing any notable moves that chal­lenge the cur­rent down­trend in terms of mar­ket struc­ture and tech­ni­cal analy­sis, there are a few inter­est­ing devel­op­ments tak­ing place. Ana­lyst Ray Salmond drew atten­tion to the 3 alt­coin projects and also talked about the devel­op­ments in their ecosystem.

The first alt­coin on the analyst’s list: LDO

Lido (LDO) cor­rect­ed with Ethereum as the enthu­si­asm for merge trad­ing waned. How­ev­er, the asset is cur­rent­ly trad­ing in what some call a bull flag. Although ETH bulls and traders prof­it­ed from long Ether posi­tions, the merge was suc­cess­ful. Stakes and val­ida­tors are still yield­ing on the alt­coin, and there are fun­da­men­tals that keep investors bull­ish on Ether.

Ide­al­ly, if decen­tral­ized appli­ca­tions (DApps) and active users of Ether con­tin­ue to expand and traders con­tin­ue to accu­mu­late, it can pro­vide pro­duc­tive cap­i­tal in an oth­er­wise down­side market.

Rip­ple looks interesting

From a mar­ket struc­ture per­spec­tive, Rip­ple (XRP) looks inter­est­ing and there has been a ton of social chat­ter on Twit­ter late­ly. Fol­low­ing the usu­al hope-linked nar­ra­tive, mem­bers of the XRP com­mu­ni­ty sug­gest that the price could “go to the moon” if XRP pass­es the SEC law­suit and is not con­sid­ered a secu­ri­ty. “Basi­cal­ly, there is pre-bull mar­ket prece­dent,” the ana­lyst says. Vol­umes are ris­ing, the price broke a long-term descend­ing trend­line that has his­tor­i­cal­ly act­ed as resis­tance. From the per­spec­tive of XRP’s HTF mar­ket struc­ture, it can be con­clud­ed that there is a price bottom.

But as a warn­ing, hype and antic­i­pa­tion tend to trig­ger vol­ume spikes. Regard­less of whether the SEC decides whether XRP is a secu­ri­ty or vice ver­sa, investor excite­ment may sub­side and the price may trade in the same hor­i­zon­tal range per­ma­nent­ly or until the “next bull market.”

The last cryp­to on the analyst’s list: ALGO

The mar­ket struc­ture of Algo­rand (ALGO) also looks inter­est­ing, accord­ing to the ana­lyst. The price fol­lowed the full bull mar­ket ral­ly and is now trad­ing in the same range as in 2019 and 2020. Occa­sion­al bursts of buy­ing vol­ume did not last long enough to break past the $0.40 lev­el. If the broad­er mar­ket starts to con­sol­i­date and ALGO buy­ing vol­ume con­tin­ues, turn­ing this mov­ing aver­age to sup­port could see a spike to $0.69. Dai­ly clos­es above $0.80 could reach a sig­nif­i­cant­ly high­er high, indi­cat­ing con­fir­ma­tion of a trend reversal.

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